The Japan Tourism Agency has confirmed the receipt of a revised Osaka Integrated Resort (IR) development plan, along with a request for approval of the project’s implementation plan. This update comes after Osaka authorities announced a one-year delay in the IR’s opening and a JPY190 billion increase in initial investment costs, now totaling JPY1.27 trillion (US$1.29 billion).
Revised Osaka IR Development Plan
The Japan Tourism Agency has received the updated “Osaka IR District Development Plan” from local authorities. This plan is part of the ongoing approval process for the Osaka IR project.
Expert Panel’s Assessment
An expert panel involved in the national-level assessment of the IR development plan issued a statement affirming that the revised Osaka IR District Development Plan did not meet the central authorities’ requirement criteria. The panel found no substantial changes that would necessitate re-examining the plan’s alignment with evaluation criteria.
Previous Approval and Implementation Plan
The Osaka IR District Development Plan had received provisional approval from national authorities in April. Furthermore, the Japan Tourism Agency has received a request from Osaka authorities for approval of the implementation plan, which outlines the project’s details and partnerships with private-sector companies. The central authorities are currently evaluating the implementation plan.
Private-Sector Consortium
The development of the Osaka IR involves a consortium comprising MGM Resorts International, Japan’s Orix Corp, and other smaller investors. This consortium is responsible for the MGM Osaka project.
The submission of the revised Osaka IR development plan marks another step in the process of bringing integrated resorts with casinos to Japan. The project faces challenges related to delays and increased costs, but it remains a significant development for Japan’s tourism and entertainment industry. Further evaluations and approvals will shape the future of the Osaka IR.